UNIT OWNERS INSURANCE RESPONSIBILITY
Crescent Village's Master Insurance Policy is structured to cover loss (as defined in the policy) to every building including all the improvements permanently attached. Basically this includes everything that would be transferred to a new owner upon the sale of a unit. The condominium's master insurance policy is structured to provide as broad coverage as possible for both the Unit Owner and the Association. However, regardless of the Association's Master insurance policy, you as a Unit Owner are responsible to insure:
1. Your own personal property. This is often referred to as contents. Consider using broad form replacement cost coverage in an amount necessary to replace your contents. Thus you will be protected should they be damaged by an insured
event.
2. You are responsible for insuring your loss of use or additional temporary living expenses following an insured event. If you cannot occupy your unit you will have added lodging and living expenses. This can be insured through loss of use or additional living expense coverage.
3. You face liabilities for injury to individuals while visiting your unit. These individuals may sue you for damages resulting from injury they sustain while in your unit. To protect yourself you should purchase personal liability insurance.
This insurance will defend you in court and pay judgments against you if you are found liable. Lawsuits can amount to considerable damages and defense expense. Personal liability protection is recommended to protect you from these types of occurrences.
You should purchase an "all risk”, "replacement cost” homeowner's personal insurance policy to cover your contents including improvements you have made to your unit.
This policy will also cover your added living expenses following a loss as well as your public liability for injury to visitors.
Homeowners insurance policies can also cover other special exposures such as jewelry, furs and collectables, all of which when stolen or damaged would result in personal loss.
You should consider a homeowners 6 (H06) form. Other forms exist and will also provide the needed coverage. Your personal insurance agent can guide you through the purchase of this coverage.
The information above was received from Jim Larsen our Contract Risk Manager. Should you have any questions or clarifications regarding insurance, you may contact himat 941-484-4905 or email him at .